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Restructuring

6 Months Ended

Jun. 30, 2019

Restructuring And Related Activities [Abstract]

Restructuring

17. RESTRUCTURING

In February 2019, we announced the restructuring of certain of our workforce predominantly in Germany, which included the closure of the office location in Munich, Germany accompanied by relocation or severance benefits for the affected employees. We also offered voluntary early retirement to certain other employees, which was announced to employees in March 2019.  The restructuring is expected to be completed in the fourth quarter of 2019.

In January 2018, we announced an early retirement incentive program for employees that met certain requirements. The cumulative amount incurred during the year ended December 31, 2018 related to this restructuring program was $7.3 million, of which $1.0 million and $7.0 million was incurred during the three and six months ended June 30, 2018, respectively. We do not expect to incur any additional expenses related to this restructuring program.

A reconciliation of the beginning and ending restructuring liability, which is included in accrued wages and benefits on the Condensed Consolidated Balance Sheet, is as follows:

		Three Months Ended				Six Months Ended
		June 30,				June 30,
(In thousands)		2019				2019
Balance at beginning of period		$	1,971			$	185
Plus: Amounts charged to cost and expense			1,400				3,463
Less: Amounts paid			(716	)			(993	)
Balance at end of period		$	2,655			$	2,655

The components of restructuring expense in the Condensed Consolidated Statements of Income are as follows:

		Three Months Ended								Six Months Ended
		June 30,								June 30,
(In thousands)		2019				2018				2019				2018
Selling, general and administrative expenses		$	703			$	634			$	1,547			$	2,400
Research and development expenses			647				—				1,231				1,814
Cost of sales			50				391				685				2,761
Total restructuring expenses		$	1,400			$	1,025			$	3,463			$	6,975

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- Definition

The entire disclosure for restructuring and related activities. Description of restructuring activities such as exit and disposal activities, include facts and circumstances leading to the plan, the expected plan completion date, the major types of costs associated with the plan activities, total expected costs, the accrual balance at the end of the period, and the periods over which the remaining accrual will be settled.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 420
-URI http://asc.fasb.org/topic&trid=2175745

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